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the customer concentration with rotating accounts is also the reason why revenue growth outpaced profit growth. and the IP licensing (higher margin) revenue shifted to custom asic design (lower margin) revenue. So, if it is above 100%, market is valuing it as a pure IP licensing company while in reality as of 2025 it is an IP design and engineering company.
custom asic design work aka project based - resource intensive, lower margin comparing to IP licensing - higher margin, lump sum contract, jackie. the margin is shifting lower which means more project based design work instead of IP licensing. Btw, the IP licensing here is not the same as paying royalties. And didnt notice any discussion in the prospectus with regards to royalties payment from the customer.
cheng 大部分市场是中国 平常GP应该不包括折旧和和 staff cost Our GP margin decreased to 42.2% for the FYE 31 March 2025 (FYE 31 March 2024:
46.8%), mainly attributed to the higher depreciation, as well as the purchase of
semiconductor materials and manufacturing services for our custom ASIC segment Our GP margin decreased to 42.2% for the 看不明
yes it is Taiwan and China, jackie. Nevertheless, I dont expect margin to improve significantly with the latest news of ARMs AFA tokens and CSS. Skyechip is opting for AFA instead of CSS; staying through to the initial intention of the company - avoid competing with the big names / crowded space. The cost should be usd85k/year from ARM's website. Could be lower if gomen negotiated a good deal previously for the 7 CSS and 25 AFA tokens. https://www.arm.com/products/flexible-access
not sure whether I am getting the right translation, jackie. you are asking about why headcount and depreciation affects gross margin/gross profit? If thats the case, what is mentioned in the prospectus is correct. Skyechip is a chip design/engineering company. The headcount (engineers) and tools (systems/software) are being used to produce the revenue (custom ASIC design work / projects); directly involved or related to the project. Can't produce the revenue without these - hence, charge it to cogs. Headcounts like admin/finance/legal/marketing will not be part of cogs but parked under sga/administrative expense
stocks with representative traveling together with Trump to Beijing were up yesterday night; including the AI team. TACO going in with oil as leverage and Xi rare earth materials export controls. Doubt Xi will restrict the rare earth materials to US while US is beginning to feel the pain of high oil price and US needed China's consumption power and market.
the stage has been setup accordingly. But remember to perform risk mgmt before every qr :) Higher IP licensing higher margin, hence FY26 is better than FY25 but IP licensing is lump sum contract based and not royalties per unit sales; non recurring if you will. Customer concentration with rotating accounts is still showing up in FY2026 performance too. The rest of the numbers are good. May the force be with everyone.
Let's say u dont know the ipo price and u want to make a guarantee bid in day 1, what is your price range expectation will be for a hot stock in a hot industry with such an impressive qr?
erm... Will look at the opening price and shorter time frame to decide if I am trading it :) valuation does not matter when it comes to hot stock. Lol, no pun intended.
yup... probably not many people got the message we discussed here about oppstar/proprietary buyers and high end condo. proprietary buyers left the second day and retail net buyers on that day :)
to justify the price of 3.0+: annual revenue >500mil per year, gomen to extend pioneer status so that tax rate remains at 3%/below, recurring IP licensing every year - new customer/account signing up for IP licensing lump sum contract each year while existing customer repeating the lump sum contract each year.